the short term bond fund portfolio report november 2019 · the short term bond fund . portfolio...

The Short Term Bond Fund Portfolio ReportNovember 2019

3544 Maclay Boulevard, Tallahassee, FL 32312(850) 577-4610, FAX (850) 205-8262

Net Asset Value Summary Portfolio ReturnsNovember 30, 2018 $24.90 1-Month Return 0.038%October 31, 2019 $25.98 12-Month Return 4.378%November 30, 2019 $25.99 3.486%

Portfolio YieldsSEC Yield 1.7872% AAAfMarket Yield 2.0149% S1

Securities 1-12 months 12-24 months 24-36 months 36-60 months TotalMoney Market 3,485,505.16$ -$ -$ -$ 3,485,505.16$ U.S. Treasury Notes -$ 48,415,093.58$ 142,405,268.56$ 5,708,886.93$ 196,529,249.07$ U.S. Agency Notes 9,891,720.00$ 19,061,735.34$ 9,207,344.07$ 2,329,956.83$ 40,490,756.24$ Asset Backed 43,297,517.20$ 120,084,919.28$ 17,580,806.14$ -$ 180,963,242.62$ Coll. Mort. Obligations 11,630,457.81$ -$ -$ 2,057,033.93$ 13,687,491.74$ Agency ARM Pass Thr. -$ -$ 5,252,741.44$ 15,950,072.95$ 21,202,814.39$ Corporates 47,557,488.43$ 44,689,366.24$ 94,500,016.42$ 4,199,865.12$ 190,946,736.21$ Municipal -$ -$ 5,589,980.00$ 4,240,708.50$ 9,830,688.50$ Commercial Paper -$ -$ -$ -$ -$ Certificates of Deposit -$ -$ -$ -$ -$ Govt. Related Securities 10,352,173.50$ 63,727,186.32$ 40,139,270.55$ -$ 114,218,630.37$

Total : 126,214,862.10$ 295,978,300.76$ 314,675,427.18$ 34,486,524.26$ 771,355,114.30$ % of Portfolio: 16.36% 38.37% 40.80% 4.47% 100.00%

Average Mat.(Years) 1.95Effective Duration 1.88

PORTFOLIO SUMMARY

Fitch Rating

Security Distribution

Credit QualityBond Fund Volatility Rating

October 31, 2019 to November 30, 2019

Annualized Return Since Inception

Short Term Bond Fund Portfolio Report November 2019 Page 1 of 11

Charts Page November 30, 2019

U.S. Treasury Notes, 25.48%

Corporates, 24.75%

Asset Backed, 23.46%

Government Related Securities, 14.81%

U.S. Agency Notes, 5.25%

Agency ARM Pass Thr.,

2.75%

Coll. Mort. Obligations,

1.77%

Municipal, 1.27%

Money Market, 0.45%

Sector Allocation, November 2019

1-12Months

12-24Months

24-36Months

36-60Months

Maturities 16.36% 38.37% 40.80% 4.47%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

Maturity Distribution, November 2019


During November the yield on the two-year U.S. Treasury noterose nine basis points to 1.61% and the 10-year Treasury also rosenine basis points to 1.78%, compared to levels at the end ofOctober. In general, bond yields moved higher as stocks rose toall-time highs on the back of trade deal hopes and better thanexpected economic data.

The U.S. economy grew at an annual rate of 2.1% in the thirdquarter, primarily driven by a healthy U.S. consumer. Theunemployment rate was 3.6% in October and firms added 128,000net, new jobs to nonfarm payrolls over the month. While theFederal Reserve is on hold for now, comments from policymakerssuggest the Federal Reserve is likely to announce a “flexibleinflation target range” at some point in 2020. Such a frameworkmeans the Fed would allow inflation to average between roughly1.5-2.5% throughout the economic cycle. Since inflation readingsof the Fed’s preferred inflation gauge have been just shy of 2% formuch of the last decade, the new framework would implyaccommodative monetary policy from the Fed through 2020 even ifinflation does perk up as we expect.

In Europe, manufacturing data showed signs of bottoming asthe manufacturing PMI improved to a three-month high. Germanyalso narrowly avoided a recession, with the economy growing 0.1%in the third quarter. China's Caixin manufacturing PMI also edgedhigher to 51.8, its highest reading since December 2016. Whilerisks from trade policy remain, the global economy appears to havefound its footing with the global manufacturing PMI moving up to50.3 in November, indicating expansion for the first time since April2019.

FL. Trust Short Term Bond FundThe Florida Trust Short Term Bond Fund posted a total

return of +0.04% in November, compared to the benchmark ICE BofAML 1-3 Year Treasury Index return of -0.03%. Credit sectors were additive to performance during the month; while spreads remain range-bound, yields on corporates and asset-backed securities remain favorable. Yields on Treasuries modestly rose over the month. The net 30-Day SEC Yield for the Short-Term Bond Fund was 1.79% at the end of November, up from 1.73% ending October.

The easier policy stance of the Federal Reserve is supportive of credit and we expect to see continued demand for income producing assets. The Florida Trust Short Term Bond Fund holds a diversified mix of sectors for income generation. We remain overweight short-dated credit given attractive yields, lack of supply and solid fundamentals, but are more defensive and consider each credit on a name-by-name basis. Over the year, Treasuries have been used to slightly extend the fund’s interest rate exposure, while credit spread duration declined as securities within spread sectors aged. The portfolio currently has a neutral duration position versus the benchmark, at 1.9 years. We expect to remain active buyers of high-quality asset-backed securities as we continue to reinvest monthly paydowns. Overall, the portfolio’s sensitivity to changes in credit spreads is diminished.

The fund is assigned Fitch rating agency’s highest Fund Credit Quality Rating and Fund Market Risk Sensitivity Rating of AAAf/S1. The liquidity of the fund is very strong, with over 46% of funds invested in Treasuries, agencies and government related securities. Redemptions for the month were approximately $5 million.


0

2

4

6

8

10

12

$8.00

$12.00

$16.00

$20.00

$24.00

$28.00

1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

FLIGIT NAV 2-Year Treasury

The Added-Value of Longer-Maturity AssetsFL

Loc

al T

rust

NAV 1994: overheating economy,

inflation increasing

1998: Global Crisis- Russian Default- LTCM Collapse

2000-2001:Y2K concerns,Fed hikes rates

2001: WTC AttacksRecession/ Collapse of Enron

2008 : Liquidity Crisisand bailouts

2004-2006: Housing market bubble

Short-Term Bond Fund NAV vs. 2-Year Treasury Yield (November 2019)

2008-2013:Quantitative Easing 1, 2, and 3

Change in 2-Year Treasury Yield from 12/31: -88 basis points

2015- 2018Fed interest rate

normalization

S-T Bond Fund NAV 1.2% 3.8% 2.2% 1.3% 2.0% 0.4% 0.6% 0.5% 1.1% 0.9% 1.6% 3.6% 0.3% Money Mkts (cash alt.) 2.6% 0.3% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.3% 0.8% 1.8% 2.0% 0.3%ICE BAML 3-M Tsy 2.1% 0.2% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.3% 0.9% 1.9% 2.1% 0.3%2-Year Treasury Note 7.4% 1.1% 2.3% 1.5% 0.3% 0.3% 0.7% 0.5% 0.7% 0.2% 1.5% 3.3% 0.2%ICE BAML 1-3 Yr Tsy 6.6% 0.8% 2.4% 1.6% 0.4% 0.4% 0.6% 0.5% 0.9% 0.4% 1.6% 3.3% 0.3%(Benchmark)

Total Returns 2009

FiscalYTD(9/30)2008 2010 2011 20132012 2014 20162015 2017 2018

YTD2019

FLORIDA TRUST SHORT TERM BOND FUND & INDEX RETURNS


ASSETS 31-Oct-19 30-Nov-19 31-Oct-19 31-Nov-19Investments Investments @ Value $781,838,585.79 $771,355,114.21 Investment Income $1,489,079.88 $1,450,916.05 Cash ($299,563.90) $112,106.12Total Investments $781,539,021.89 $771,467,220.33 Expenses $179,669.72 $170,204.32

Receivables Net Investment Income $1,309,410.16 $1,280,711.73 Accrued Income $0.00 $0.00 Investment Securities Sold $0.00 $38,682,286.52 Income Receivable $2,551,135.69 $2,907,996.47 Realized and Unrealized Gain(loss) on Investments Capital Shares Sold $0.00 $0.00 Realized Gain(loss) on Investments:Other Assets $0.00 $0.00 Proceeds from sales $139,831,270.18 $132,951,101.83TOTAL ASSETS $784,090,157.58 $813,057,503.32 Cost of securities sold $139,611,231.90 $132,924,340.39

Net Realized Gain(loss) $220,038.28 $26,761.44LIABILITIESPayables Unrealized Appreciation of Investments: Investment Securities Purchased $1,580,000.00 (1) $38,771,496.43 (2) Beginning of Period ($1,342,240.44) ($657,124.11) Capital Shares Redeemed $0.00 $0.00 End of Period ($657,124.11) ($1,899,391.71) Accrued Expenses $375,322.67 $360,792.78 Change in unrealized appreciation $685,116.33 ($1,242,267.60) Other Payables $0.00 (1) $0.00 (2)Other Liabilities $0.00 $0.00 Net Realized and Unrealized Gain(loss) TOTAL LIABILITIES $1,955,322.67 $39,132,289.21 on Investments: $905,154.61 ($1,215,506.16)

NET ASSETS $782,134,834.91 $773,925,214.11 Total Return: $2,214,564.77 $65,205.57`

Shares Outstanding: 30,101,751.370 29,783,009.090

Net Asset Value Per Share: $25.98 $25.99

Notes:

(2) The amounts listed as a liability above is the result of securities purchased witha trade date in November 2019 and a transaction / settlement date in December 2019

MONTH-END STATEMENT OF OPERATIONSMONTH-END STATEMENT OF ASSETS & LIABILITIES

(1) The amounts listed as a liability above is the result of securities purchased witha trade date in October 2019 and a transaction / settlement date in November 2019


FUND NET ASSET SECDATE BALANCE VALUE YIELD (30 Day Avg.)

November 1, 2019 $778,780,502.59 $25.97 1.6514%November 2, 2019 $778,823,185.83 $25.97 1.6514%November 3, 2019 $778,865,869.06 $25.97 1.6514%November 4, 2019 $778,245,939.72 $25.95 1.7042%November 5, 2019 $777,718,680.29 $25.94 1.6502%November 6, 2019 $778,225,019.23 $25.95 1.6899%November 7, 2019 $777,135,745.27 $25.92 1.6677%November 8, 2019 $777,402,471.74 $25.93 1.6445%November 9, 2019 $777,444,917.34 $25.93 1.6445%

November 10, 2019 $777,487,362.95 $25.93 1.6445%November 11, 2019 $777,529,808.55 $25.93 1.6445%November 12, 2019 $777,618,668.64 $25.93 1.8650%November 13, 2019 $778,084,460.02 $25.95 1.7719%November 14, 2019 $773,431,298.70 $25.97 1.7909%November 15, 2019 $773,330,689.49 $25.97 1.7302%November 16, 2019 $773,372,994.33 $25.97 1.7302%November 17, 2019 $773,415,299.16 $25.97 1.7302%November 18, 2019 $773,654,431.45 $25.98 1.8227%November 19, 2019 $773,745,263.52 $25.98 1.8227%

Fund Balance and Net Asset Value ReportOctober 31, 2019 to November 30, 2019


FUND NET ASSET SECDATE BALANCE VALUE YIELD (30 Day Avg.)

November 20, 2019 $774,124,238.86 $25.99 1.7907%November 21, 2019 $773,746,179.39 $25.98 1.7896%November 22, 2019 $773,568,040.09 $25.97 1.7446%November 23, 2019 $773,610,755.78 $25.97 1.7446%November 24, 2019 $773,653,471.48 $25.97 1.7446%November 25, 2019 $773,765,400.31 $25.98 1.8674%November 26, 2019 $774,097,743.15 $25.99 1.8137%November 27, 2019 $773,667,717.35 $25.98 1.7973%November 28, 2019 $773,710,440.09 $25.98 1.7973%November 29, 2019 $773,925,214.11 $25.99 1.7872%November 30, 2019 $773,925,214.11 $25.99 1.7872%

$775,538,325.07

$25.99 $43,799.00

THE ADMINISTRATOR FACC Service Group LLC

End of Month NAV :

SOURCE: UMB BANK. COMPILED BY

Average :


CUSIP Description Coupon Rate

Eff Mat Date Fitch Rating S&P Rating Face Amount Market

Price Market Value Yield Eff. Dur PCT

FISXX FIDELITY TREASURY FUND #695 MM 0.000 N/A AAA AAA $3,485,505.16 100.000 $3,485,505.16 0.000% 0.00 0.45%

$3,485,505.16 $3,485,505.16 0.45%

912828TY6 T-NOTE 1.625 11/15/2022 1.625 11/14/2022 AAA AA+ $38,730,000.00 100.070 $38,757,227.19 1.615% 2.88 5.02%

912828YA2 T-NOTE 1.5 8/15/2022 1.500 8/15/2022 AAA AA+ $103,920,000.00 99.738 $103,648,041.37 1.612% 2.64 13.44%

912828YC8 T-NOTE 1.5 8/31/2021 1.500 8/30/2021 AAA AA+ $48,545,000.00 99.732 $48,415,093.58 1.674% 1.72 6.28%

912828YM6 T-NOTE 1.5 10/31/2024 1.500 10/29/2024 AAA AA+ $5,744,000.00 99.389 $5,708,886.93 1.633% 4.72 0.74%

$196,939,000.00 $196,529,249.07 25.48%

3130AF5B9 FHLB 3 10/12/2021 3.000 10/12/2021 AAA AA+ $10,420,000.00 102.501 $10,680,645.88 1.662% 1.81 1.38%

3130AGWK7 FHLB 1.5 8/15/2024 1.500 8/14/2024 AAA AA+ $2,345,000.00 99.359 $2,329,956.83 1.667% 4.51 0.30%

3130AHJY0 FHLB 1.625 11/19/2021 1.625 11/18/2021 AAA AA+ $6,700,000.00 99.957 $6,697,125.70 1.713% 1.93 0.87%

3135G0W33 FNMA 1.375 9/6/2022 1.375 9/5/2022 AAA AA+ $9,270,000.00 99.324 $9,207,344.07 1.646% 2.70 1.19%

76116FAD9 RFCSP STRIP PRINCIPAL 0 7/15/2020 0.000 7/15/2020 AAA AA+ $10,000,000.00 98.917 $9,891,720.00 1.753% 0.62 1.28%

911759MU9 HUD 2.57 8/1/2021 2.570 8/1/2021 AAA AA+ $1,660,000.00 101.444 $1,683,963.76 1.665% 1.63 0.22%

$40,395,000.00 $40,490,756.24 5.25%

03066MAD8 AMERICREDIT AUTOMOBILE REC 3.38 7/18/2023 3.380 1/11/2021 NR Moodys-Aaa $9,170,000.00 101.639 $9,320,268.79 1.911% 1.09 1.21%

04365TAC1 ASCENTIUM EQUIPMENT RECEIVABLE MBS VAR. CORP 4/10/ 3.510 6/16/2021 NR AAA $3,790,000.00 102.143 $3,871,208.33 2.126% 1.50 0.50%

05564UAM2 BMW FLOORPLAN MASTER OWNER TRUST MBS VAR. CORP 5/1 3.150 5/16/2021 AAA AAA $3,060,000.00 101.697 $3,111,931.26 1.990% 1.42 0.40%

065606AC9 BANK OF THE WEST TRUST MBS 2.43 4/15/2024 2.430 10/21/2021 AAA AAA $2,050,000.00 100.820 $2,066,805.90 2.016% 1.83 0.27%

065606AD7 BANK OF THE WEST AUTO TRUST MBS 2.51 10/15/2024 2.510 12/22/2022 AAA AAA $1,750,000.00 101.043 $1,768,243.75 2.172% 2.92 0.23%

126802DC8 CABELA'S CREDIT CARD MASTER NOTE TRUST 2.26 3/ 2.260 3/16/2020 AAA AAA $6,000,000.00 100.055 $6,003,324.00 2.090% 0.29 0.78%

13974MAE6 CAPITAL AUTO RECEIVABLES ASSET TRUST 2016-2 VAR. C 2.110 1/2/2020 NR AAA $291,839.80 99.995 $291,825.50 2.178% 0.09 0.04%

14041NFK2 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 2 1/17/202 2.000 3/16/2020 AAA AAA $4,800,000.00 100.032 $4,801,550.40 1.897% 0.29 0.62%

14041NFT3 CAPITAL ONE MULTI ASSET EXECUTION TRUST 2.84 12/16 2.840 1/14/2022 AAA AAA $3,440,000.00 102.227 $3,516,622.56 1.743% 2.11 0.46%

14042WAC4 CAPITAL ONE PRINE AUTO RECEIVABLE MBS 2.51 11/15/2 2.510 10/6/2021 AAA AAA $2,960,000.00 101.168 $2,994,558.00 1.891% 1.76 0.39%

14315EAC4 CARMAX AUTO OWNER TRUST MBS VAR. CORP 9/15/2023 3.360 6/27/2021 AAA AAA $4,470,000.00 102.107 $4,564,165.02 2.020% 1.52 0.59%

14315NAC4 CARMAX AUTO OWNER TRUST MBS 3.05 3/15/2024 3.050 8/30/2021 AAA AAA $7,370,000.00 101.805 $7,503,043.24 2.023% 1.69 0.97%

14315PAD7 CARMAX AUTO OWNER TRUST MBS 2.18 8/15/2024 2.180 4/17/2022 AAA AAA $5,030,000.00 100.480 $5,054,154.06 1.995% 2.30 0.66%

14316LAC7 CARMAX AUTO OWNER TRUST MBS 2.68 3/15/2024 2.680 12/10/2021 AAA AAA $6,330,000.00 101.416 $6,419,601.15 1.994% 1.96 0.83%

17305EGB5 CITIBANK CREDIT CARD ISSUANCE TRUST 1.92 4/4/2022 1.920 4/7/2020 AAA AAA $10,290,000.00 100.001 $10,290,123.48 1.914% 0.36 1.33%

23291FAC0 DLL SECURITIZATION TRUST 2017-A MBS VAR. CORP 12/1 2.140 6/1/2020 NR AAA $3,499,590.45 100.037 $3,500,899.29 2.078% 0.50 0.45%

24704AAD8 DELL EQUIPMENT FINANCE TRUST MBS 3.18 6/22/2023 3.180 8/19/2020 AAA AAA $1,570,000.00 100.843 $1,583,228.82 2.012% 0.71 0.21%

29374DAB4 ENTERPRISE FLEET FINANCING LLC MBS 2.29 2/20/2025 2.290 11/3/2021 AAA AAA $2,520,000.00 100.540 $2,533,597.92 2.028% 1.87 0.33%

31680YAD9 FIFTH THIRD AUTO TRUST MBS 2.64 12/15/2023 2.640 9/13/2021 NR AAA $3,210,000.00 101.416 $3,255,460.02 1.857% 1.72 0.42%

36255JAD6 GM FINANCIAL SECURITIZED TERM MBS 3.02 5/16/2023 3.020 2/7/2021 AAA AAA $6,460,000.00 101.270 $6,542,061.38 1.954% 1.15 0.85%

36257FAD2 GM FINANCIAL SECURITIZED TERM MBS 2.65 2/16/2024 2.650 8/12/2021 NR AAA $13,240,000.00 101.102 $13,385,918.04 2.034% 1.63 1.74%

380881CP5 GOLDEN CREDIT CARD TRUST MBS 2.02 4/15/2022 2.020 4/15/2020 AAA AAA $1,500,000.00 99.992 $1,499,886.00 2.052% 0.38 0.19%

39154TAQ1 GREAT AMERICAN LEASING RECEIVABLES MBS VAR. CORP 6 2.600 4/27/2020 AAA AAA $4,089,839.32 100.250 $4,100,080.27 1.993% 0.41 0.53%

39154TAW8 GREAT AMERICAN LEASING RECEIVABLES 3.05 9/15/2022 3.050 4/3/2021 AAA AAA $3,390,000.00 101.516 $3,441,385.62 1.929% 1.31 0.45%

Asset Backed Securities

U.S. Treasury Notes Sub Total

U.S. Agency Notes

U.S. Agency Notes Sub Total

MONTH-END SCHEDULE OF INVESTMENTSNovember 30, 2019

Money Market

Money Market Sub Total

U.S. Treasury Notes





44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST MBS 2.66 6/15/2023 2.660 7/7/2021 AAA AAA $5,100,000.00 101.330 $5,167,840.20 1.828% 1.54 0.67%

44933AAC1 HYUNDAI AUTO RECEIVABLES TRUST 3.2 12/15/2022 3.200 2/19/2021 NR AAA $3,800,000.00 101.573 $3,859,785.40 1.894% 1.18 0.50%

553896AA9 MVW OWNER TRUST 2017-1 MBS 2.42 12/20/2034 2.420 10/31/2022 AAA AAA $1,507,886.32 100.507 $1,515,532.82 2.257% 2.76 0.20%

58772RAD6 MERCEDES-BENZ AUTO RECEIVABLES MBS 3.03 1/25/2023 3.030 12/19/2020 NR AAA $2,765,000.00 101.072 $2,794,638.02 2.012% 1.01 0.36%

65479GAD1 NISSAN AUTO RECEIVABLES OWNER MBS 3.06 3/15/2023 3.060 2/27/2021 NR AAA $2,090,000.00 101.444 $2,120,175.42 1.901% 1.21 0.27%

69335PCQ6 PFS FINANCING CORP MBS 2.89 2/16/2021 2.890 2/14/2021 NR AAA $6,340,000.00 100.927 $6,398,797.16 2.048% 1.10 0.83%

74114NAE7 PRESTIGE AUTO RECEIVABLES TRUST MBS 3.29 9/15/2022 3.290 6/23/2020 NR AAA $860,000.00 100.737 $866,338.20 1.985% 0.56 0.11%

80281GAD8 SANTANDER RETAIL AUTO LEASE TRUST MBS 2.3 1/20/202 2.300 1/23/2022 NR AAA $2,950,000.00 100.702 $2,970,700.15 1.993% 2.09 0.39%

81376NAD7 SECURITIZED TERM AUTO RECEIVABLES TRUST 2017-2 MBS 2.040 4/12/2020 NR AAA $1,844,628.43 100.001 $1,844,646.88 2.048% 0.37 0.24%

81377DAC0 SECURITIZED TERM AUTO RECEIV 2.986 2/27/2023 2.986 8/16/2021 NR AAA $6,860,000.00 101.338 $6,951,793.66 2.199% 1.65 0.90%

87166PAF8 SYNCHRONY CARD ISSUANCE TRUST MBS 2.34 6/16/2025 2.340 6/15/2022 AAA NR $2,730,000.00 100.936 $2,755,552.80 1.982% 2.45 0.36%

89239AAD5 TOYOTA AUTO RECEIVABLES OWNER 2.91 7/1/2023 2.910 8/5/2021 NR AAA $5,590,000.00 101.614 $5,680,205.83 1.933% 1.62 0.74%

92347YAA2 VERIZON OWNER TRUST MBS 2.93 9/20/2023 2.930 9/23/2021 AAA AAA $5,760,000.00 101.718 $5,858,933.76 1.989% 1.76 0.76%

92348RAA6 VERIZON OWNER TRUST 2017-3 MBS VAR. CORP 4/20/2022 2.060 4/9/2020 AAA AAA $8,500,780.50 100.175 $8,515,614.36 1.582% 0.36 1.10%

92868LAD3 VOLKSWAGEN 2018-1 A3 CAR MBS 3.02 11/21/2022 3.020 2/23/2021 AAA AAA $3,750,000.00 101.304 $3,798,881.25 1.984% 1.19 0.49%

98162CAD3 WORLD OMNI AUTOMOBILE LEASE MBS 3.19 12/15/2021 3.190 2/20/2021 AAA NR $3,730,000.00 101.268 $3,777,288.94 2.159% 1.20 0.49%

98163EAD8 WORLD OMNI 2018-C A3 CAR MBS 3.13 11/15/2023 3.130 5/10/2021 AAA AAA $4,590,000.00 101.668 $4,666,574.97 1.962% 1.37 0.60%

$179,049,564.82 $180,963,242.62 23.46%

056054AA7 BX Trust MBS Var. Corp 10/15/2021 2.685 12/16/2019 NR Moodys-Aaa $3,090,000.00 100.219 $3,096,779.46 2.508% 0.05 0.40%

12655HAA3 Comm Mortgage Trust MBS Var. Corp 10/15/2036 2.665 12/16/2019 NR AAA $2,980,000.00 100.125 $2,983,736.92 2.579% 0.05 0.39%

19625GAA7 COLONY AMERICAN FINANCE LTD MBS 2.544 6/15/2048 2.544 11/6/2020 NR Moodys-Aaa $679,793.07 99.830 $678,636.06 2.642% 0.92 0.09%

3137GAJ24 FHLMC MBS 2.5 10/15/2020 2.500 4/12/2020 AAA AA+ $123,434.42 100.078 $123,530.95 2.042% 0.37 0.02%

46117MAA2 INTOWN HOTEL PORTFOLIO TRUST 2.05 11/21/2022 2.465 12/16/2019 NR AAA $1,910,000.00 99.874 $1,907,591.49 2.652% 0.05 0.25%

513770AZ0 LANARK 2018-2A 1A UKRMBS 3MOFRN 144A MBS Var. Corp 2.319 2/24/2020 AAA AAA $2,842,400.00 99.922 $2,840,182.93 2.453% 0.00 0.37%

64829GAA7 NEW RESIDENTIAL MORTGAGE LOAN MBS 3.75 11/26/2035 3.750 1/31/2024 NR Moodys-Aaa $1,974,537.74 104.178 $2,057,033.93 2.606% 3.69 0.27%

$13,600,165.23 $13,687,491.74 1.77%

3132D53P5 FNMA MBS 3 7/30/2023 3.000 3/26/2024 AAA AA+ $1,712,363.31 102.442 $1,754,172.37 2.319% 3.01 0.23%

3138ER5C0 FNMA MBS 3 5/1/2029 3.000 1/6/2023 AAA AA+ $1,971,431.75 103.550 $2,041,419.54 1.975% 2.86 0.26%

3138WJVA3 FNMA MBS 2.5 2/1/2032 2.500 1/5/2024 AAA AA+ $2,176,098.63 101.351 $2,205,499.90 2.126% 3.65 0.29%

3140FPBK4 FNMA MBS 3 5/1/2032 3.000 10/3/2023 AAA AA+ $3,127,008.37 102.696 $3,211,321.90 2.150% 2.59 0.42%

3140J9VA6 FNMA MBS 3 2/1/2033 3.000 1/6/2024 AAA AA+ $7,571,811.64 102.702 $7,776,432.28 2.201% 3.04 1.01%

31418DGG1 FNMA MBS 3 10/1/2034 3.000 6/4/2024 AAA AA+ $4,112,247.83 102.474 $4,213,968.40 2.346% 3.17 0.55%

$20,670,961.53 $21,202,814.39 2.75%

00138CAK4 AIG GLOBAL FUNDING 2.3 7/1/2022 2.300 7/1/2022 NR A+ $860,000.00 100.449 $863,857.96 2.214% 2.49 0.11%

02665WDC2 AMERICAN HONDA FINANCE 2.05 1/10/2023 2.050 1/9/2023 NR A $2,255,000.00 100.158 $2,258,567.41 2.002% 3.00 0.29%

03076CAJ5 AMERIPRISE FINANCIAL INC 3 3/22/2022 3.000 3/22/2022 NR A $3,847,000.00 102.141 $3,929,375.81 2.053% 2.22 0.51%

05253JAW1 AUST & NZ BANKING GRP NY 2.05 11/21/2022 2.050 11/20/2022 NR AA- $2,090,000.00 99.997 $2,089,939.39 2.055% 2.88 0.27%

05531FBJ1 BB&T CORPORATION 2.2 3/16/2023 2.200 2/12/2023 A+ A- $4,185,000.00 100.355 $4,199,865.12 2.103% 3.11 0.54%

05565EAV7 BMW US CAPITAL LLC Var. Corp 4/12/2021 2.411 1/13/2020 NR A+ $5,000,000.00 100.186 $5,009,285.00 2.229% 0.13 0.65%

05565EBA2 BMW US CAPITAL LLC 3.25 8/14/2020 3.250 8/14/2020 NR A+ $3,050,000.00 100.886 $3,077,029.10 1.972% 0.70 0.40%

06050TMJ8 BANK OF AMERICA NA 3.335 1/25/2023 3.335 1/25/2022 AA- A+ $1,020,000.00 102.651 $1,047,043.26 2.256% 2.06 0.14%

06367WJM6 BANK OF MONTREAL 2.9 3/26/2022 2.900 3/26/2022 AA- A- $3,300,000.00 101.985 $3,365,501.70 2.043% 2.24 0.44%

Asset Backed Securities Sub Total

Collateralized Mortgage Obligations

Collateralized Mortgage Obligations Sub Total

Agency ARM Pass Thru

Agency ARM Pass Thru Sub Total

Corporate Bonds





06367WRC9 Bank of Montreal 2.05 11/1/2022 2.050 10/31/2022 AA- A- $1,950,000.00 100.100 $1,951,953.90 2.039% 2.83 0.25%

06368B4Q8 BANK OF MONTREAL 2.1 6/15/2022 2.100 6/15/2022 AAA NR $4,000,000.00 100.623 $4,024,920.00 1.876% 2.45 0.52%

06406RAK3 BANK OF NY MELLON CORP 1.95 8/23/2022 1.950 8/23/2022 AA- A $1,575,000.00 100.093 $1,576,456.88 1.938% 2.64 0.20%

064159QD1 BANK OF NOVA SCOTIA 2.375 1/18/2023 2.375 1/17/2023 AA- A- $1,845,000.00 101.190 $1,866,957.35 2.005% 3.00 0.24%

064159SH0 Bank of Nova Scotia 2 11/15/2022 2.000 11/14/2022 AA- A- $3,180,000.00 99.912 $3,177,185.70 2.072% 2.86 0.41%

06675FAS6 BANQUE FED CRED MUTUEL 2.125 11/21/2022 2.000 11/20/2022 A+ A $2,695,000.00 99.880 $2,691,752.52 2.190% 2.88 0.35%

14913Q2N8 CATERPILLAR FINL SERVICE 3.15 9/7/2021 3.150 9/6/2021 A A $4,425,000.00 102.157 $4,520,425.13 1.946% 1.72 0.59%

14913Q3A5 CATERPILLAR FINL SERVICE 1.9 9/6/2022 1.900 9/5/2022 A A $2,435,000.00 100.099 $2,437,417.96 1.838% 2.68 0.32%

17325FAQ1 CITIBANK NA 3.4 7/23/2021 3.400 6/21/2021 A+ A+ $4,775,000.00 102.116 $4,876,019.90 1.977% 1.51 0.63%

20030NCQ2 COMCAST CORP 3.45 10/1/2021 3.450 10/1/2021 A- A- $1,740,000.00 102.816 $1,789,001.88 1.906% 1.78 0.23%

2027A0JP5 COMMONWEALTH BANK OF AUSTRALIA 2.05 9/18/2020 2.050 9/18/2020 AA- AA- $3,185,000.00 100.117 $3,188,729.64 1.949% 0.79 0.41%

22532LAS3 CREDIT AGRICOLE LONDON Var. Corp 7/1/2021 3.279 1/2/2020 A+ A+ $3,550,000.00 101.476 $3,602,412.20 2.229% 0.11 0.47%

22550L2A8 CREDIT SUISSE NEW YORK 2.1 11/12/2021 2.100 11/11/2021 NR A+ $2,740,000.00 100.243 $2,746,663.68 2.008% 1.91 0.36%

233851DA9 DAIMLER FINANCE NA LLC Var. Corp 2/12/2021 2.331 2/12/2020 A- A $4,005,000.00 100.038 $4,006,533.92 2.359% 0.21 0.52%

233851DK7 DAIMLER FINANCE NA LLC Var. Corp 5/4/2021 2.452 2/4/2020 A- A $2,575,000.00 100.158 $2,579,065.92 2.382% 0.19 0.33%

24023KAE8 DBS GROUP HOLDINGS LTD 2.85 4/16/2022 2.850 4/16/2022 AA- NR $1,755,000.00 101.526 $1,781,784.81 2.152% 2.30 0.23%

377373AJ4 GLAXOSMITHKLINE CAPITAL 2.875 6/1/2022 2.875 5/2/2022 A- A+ $4,560,000.00 102.181 $4,659,471.84 1.996% 2.31 0.60%

438516BT2 HONEYWELL INTL INC 2.15 8/8/2022 2.150 7/9/2022 A A $2,270,000.00 100.700 $2,285,887.73 1.853% 2.54 0.30%

459200JW2 IBM CORP DTD 2.8 5/13/2021 2.800 5/13/2021 NR A $2,710,000.00 101.256 $2,744,045.73 1.921% 1.42 0.36%

46647PBB1 JP MORGAN CHASE & CO 3.207 4/1/2023 3.207 4/1/2022 AA- A- $4,400,000.00 102.298 $4,501,094.40 2.292% 2.17 0.58%

46849LTE1 JACKSON NATL LIFE 144A 3.3 2/1/2022 3.300 1/30/2022 AA- AA- $3,340,000.00 102.763 $3,432,267.50 2.032% 2.08 0.44%

49327M2X1 KEY BANK 3.3 2/1/2022 3.300 1/30/2022 A- A- $1,435,000.00 102.751 $1,474,472.55 2.006% 2.08 0.19%

55608PBC7 Macquarie Bank Ltd 2.1 10/17/2022 2.100 10/17/2022 NR A $3,535,000.00 99.985 $3,534,480.36 2.126% 2.79 0.46%

57629WCF5 MASSMUTUAL GLOBAL FUNDING II 1.95 9/22/2020 1.950 9/22/2020 AA+ AA+ $3,890,000.00 100.070 $3,892,723.00 1.926% 0.81 0.50%

59217GDB2 METLIFE GLOBAL 2.4 6/17/2022 2.400 6/17/2022 AA- AA- $4,300,000.00 101.237 $4,353,169.50 1.906% 2.44 0.56%

606822BG8 MITSUBISHI UFJ FIN 3.218 3/7/2022 3.218 3/7/2022 A A- $4,385,000.00 102.445 $4,492,195.71 2.153% 2.18 0.58%

606822BL7 MITSUBISHI UFJ FINANCIAL GROUP INC 2.623 7/18/2022 2.623 7/18/2022 A A- $4,205,000.00 101.201 $4,255,510.46 2.170% 2.52 0.55%

60687YAV1 MIZUHO FINANCIAL GROUP INC 2.721 7/16/2023 2.721 7/16/2022 NR A- $3,095,000.00 101.070 $3,128,110.31 2.436% 2.52 0.41%

633469AA9 NATL BANK OF CANADA 2.05 6/20/2022 2.050 6/20/2022 AAA NR $4,000,000.00 100.332 $4,013,288.00 1.880% 2.46 0.52%

641062AJ3 NESTLE HLDGS INC 3.1 9/24/2021 3.100 8/24/2021 NR AA- $4,435,000.00 102.251 $4,534,822.98 1.929% 1.69 0.59%

64952WCR2 NEW YORK LIFE GLOBAL FUNDING Var. Corp 6/10/2022 2.654 12/10/2019 AAA AA+ $5,240,000.00 100.546 $5,268,626.12 2.300% 0.04 0.68%

64952WDH3 NEW YORK LIFE GLOBAL FDG 2.25 7/12/2022 2.250 7/12/2022 AAA AA+ $9,750,000.00 100.721 $9,820,307.25 1.980% 2.52 1.27%

654740AU3 NISSAN MOTOR ACCEPTANCE CORP Var. Corp 1/13/2020 2.581 1/13/2020 NR A- $5,000,000.00 100.063 $5,003,125.00 2.038% 0.12 0.65%

654740BG3 NISSAN MOTOR ACCEPTANCE CORP Var. Corp 3/15/2021 2.639 12/16/2019 NR A- $2,500,000.00 100.059 $2,501,470.00 2.434% 0.05 0.32%

69371RQ33 PACCAR FINANCIAL CORP 2 9/26/2022 2.000 9/26/2022 NR A+ $1,545,000.00 100.151 $1,547,334.50 1.934% 2.73 0.20%

75951AAK4 RELIANCE STAND LIFE II 2.625 7/22/2022 2.625 7/22/2022 NR A+ $1,535,000.00 101.170 $1,552,961.04 2.198% 2.53 0.20%

780082AF0 ROYAL BANK OF CANADA 3.35 10/22/2021 3.350 10/22/2021 AAA NR $5,520,000.00 102.694 $5,668,708.80 1.892% 1.84 0.73%

81783HAA3 SEVEN & I HOLDINGS CO LTD 3.35 9/17/2021 3.350 9/17/2021 NR AA- $3,465,000.00 101.949 $3,532,525.92 2.261% 1.74 0.46%

8672EMAH7 SUNCORP-METWAY LTD 2.375 11/9/2020 2.375 11/8/2020 A+ A+ $2,800,000.00 100.349 $2,809,758.00 2.246% 0.93 0.36%

89117FJB6 TORONTO-DOMINION BANK 3.35 10/22/2021 3.350 10/22/2021 NR Moodys-Aaa $5,500,000.00 102.702 $5,648,593.50 1.897% 1.84 0.73%

892330AD3 TOYOTA INDUSTRIES CORP 3.11 3/12/2022 3.110 2/10/2022 NR AA- $3,780,000.00 102.105 $3,859,584.12 2.257% 2.13 0.50%

892331AE9 TOYOTA MOTOR CORP 2.157 7/2/2022 2.157 7/2/2022 A+ AA- $4,500,000.00 100.604 $4,527,166.50 1.912% 2.50 0.59%

90331HPA5 US BANK CINCINNATI 3 2/4/2021 3.000 1/3/2021 AA- AA- $4,300,000.00 101.209 $4,351,987.00 1.977% 1.08 0.56%

91127KAB8 UNITED OVERSEAS BANK FRN 144A Var. Corp 4/23/2021 2.414 1/23/2020 AA- AA- $1,850,000.00 100.268 $1,854,952.45 2.237% 0.15 0.24%

94988J5P8 WELLS FARGO BANK 3.325 7/23/2021 3.325 7/23/2020 AA- A+ $4,725,000.00 100.821 $4,763,778.08 2.284% 0.65 0.62%

94988J6A0 WELLS FARGO BANK Var. Corp 9/9/2022 -21 2.082 9/11/2021 AA- A+ $4,280,000.00 99.920 $4,276,571.72 2.343% 1.74 0.55%





$188,887,000.00 $190,946,736.21 24.75%

052414RN1 TX AUSTIN ELEC UTIL TXB 2.456 11/15/2022 2.456 11/14/2022 AA AA $5,500,000.00 101.636 $5,589,980.00 1.891% 2.85 0.72%

072024WN8 BAY AREA CA TOLL AUTH BRIDGE REVENUE 2.184 4/1/202 2.184 4/1/2023 AA AA $2,650,000.00 100.893 $2,673,664.50 2.075% 3.21 0.35%

576051VW3 MA STATE WATER RES AUTH-GREEN TXB 1.772 8/1/2023 1.772 8/1/2023 NR AA+ $1,580,000.00 99.180 $1,567,044.00 1.973% 3.54 0.20%

$9,730,000.00 $9,830,688.50 1.27%

00254EMU3 SWEDISH EXPORT CREDIT 2.375 4/9/2021 2.375 4/9/2021 NR AA+ $2,360,000.00 100.833 $2,379,663.52 1.799% 1.33 0.31%

00828EEA3 AFRICAN DEVELOPMENT BANK 1.625 9/16/2022 1.625 9/16/2022 AAA AAA $4,410,000.00 99.920 $4,406,480.82 1.680% 2.72 0.57%

045167EN9 ASIAN DEVELOPMENT BANK 1.875 7/19/2022 1.875 7/19/2022 AAA AAA $6,520,000.00 100.522 $6,554,001.80 1.673% 2.55 0.85%

05591F2B5 BANK NEDERLANDSE GEMEENTEN 144A 3.125 11/8/2021 3.125 11/7/2021 AAA AAA $3,660,000.00 102.663 $3,757,458.48 1.778% 1.88 0.49%

05591F2E9 BANK NEDERLANDSE GEMEENTEN 144A 1.5 9/6/2022 1.500 9/5/2022 AAA AAA $9,410,000.00 99.355 $9,349,277.27 1.732% 2.70 1.21%

05591FBW9 BNG BANK NV 2.625 1/15/2021 2.625 1/14/2021 AAA AAA $2,460,000.00 100.916 $2,482,523.76 1.824% 1.10 0.32%

125094AR3 CDP FINANCIAL 144A 2.75 3/7/2022 2.750 3/7/2022 AAA AAA $2,550,000.00 102.083 $2,603,113.95 1.797% 2.19 0.34%

125094AS1 CDP FINANCIAL 2.125 6/11/2021 2.125 6/11/2021 AAA AAA $6,600,000.00 100.435 $6,628,677.00 1.815% 1.49 0.86%

22411VAJ7 CPPIB CAPITAL INC 2.75 7/22/2021 2.750 7/22/2021 NR AAA $8,670,000.00 101.485 $8,798,784.18 1.783% 1.59 1.14%

25214BAV6 DEXIA CREDIT LOCAL GOVT GNTD 144A 2.5 1/25/2021 2.500 1/24/2021 AA- AA $2,130,000.00 100.679 $2,144,456.31 1.912% 1.13 0.28%

298785HW9 EUROPEAN INVESTMENT BANK 2.625 5/20/2022 2.625 5/20/2022 AAA AAA $2,600,000.00 102.327 $2,660,512.40 1.678% 2.39 0.34%

45905UP73 INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELO 1.950 10/16/2020 NR AAA $10,350,000.00 100.021 $10,352,173.50 1.995% 0.53 1.34%

50046PBJ3 KOMMUNINVEST I SVERIGE 2.25 5/29/2021 2.250 5/29/2021 NR AAA $9,965,000.00 100.734 $10,038,093.28 1.781% 1.46 1.30%

50046PBK0 KOMMUNINVEST 144A 1.625 10/24/2022 1.625 10/24/2022 NR AAA $2,820,000.00 100.156 $2,824,404.84 1.711% 2.82 0.37%

50048MCM0 KOMMUNALBANKEN 144A 2.875 6/14/2021 2.875 6/14/2021 NR AAA $7,110,000.00 101.675 $7,229,120.94 1.805% 1.49 0.94%

50048MCP3 KOMMUNALBANKEN AS3.125 10/18/2021 3.125 10/18/2021 NR AAA $3,820,000.00 102.580 $3,918,567.46 1.767% 1.83 0.51%

63983TBN4 NEDER WATERSCHAPSBANK 3 12/20/2020 3.000 12/21/2021 NR AAA $5,090,000.00 102.498 $5,217,122.75 1.749% 1.98 0.68%

63983TBR5 NEDER WATERSCHAPSBANK 1.5 8/27/2021 1.500 8/27/2021 NR AAA $4,480,000.00 99.558 $4,460,211.84 1.740% 1.71 0.58%

65562QBM6 NORDIC INVESTMENT BANK 1.375 10/17/2022 1.375 10/17/2022 NR AAA $10,700,000.00 99.159 $10,609,980.90 1.688% 2.81 1.38%

68329AAB4 ONTARIO TEACHERS' FINANC 2.75 4/16/2021 2.750 4/16/2021 NR AA+ $6,590,000.00 101.252 $6,672,506.80 1.828% 1.35 0.87%

690353ZC4 OVERSEAS PRIVATE INV CORP MBS 2.51 5/15/2025 2.510 9/30/2022 AAA AA+ $1,112,622.92 101.697 $1,131,498.57 2.111% 2.71 0.15%

$113,407,622.92 $114,218,630.37 14.81%

$766,164,819.66 $771,355,114.30 100.00%

Government Related Securities Sub Total

Grand Total

Corporate Bonds Sub Total

Municipal Bonds

Municipal Bonds Sub Total

Government Related Securities


the short term bond fund portfolio report november 2019 · the short term bond fund . portfolio...

Documents